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Devanchya
Smile
Premium Member
join:2003-12-09
Ajax, ON

Devanchya to StEC

Premium Member

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Re: [Serious] Tax Question - Rent Receipt Problem

You can deduct rent on your taxes... never knew that.

Wonder how much I've lost over the years... I am pretty sure mortgages are not tax deductible here like in the states.

Wolfie00
My dog is an elitist
Premium Member
join:2005-03-12

Wolfie00

Premium Member

said by Devanchya:

I am pretty sure mortgages are not tax deductible here like in the states.
Ya got that right, bubby!! (unless of course it's an investment property, but then you pay tax on the rental income AND on the capital gains on resale). Funny how our so-called "conservative" party has never even brought that up!

DKS
Damn Kidney Stones

join:2001-03-22
Owen Sound, ON

DKS to Devanchya

to Devanchya
said by Devanchya:

You can deduct rent on your taxes... never knew that.

Wonder how much I've lost over the years... I am pretty sure mortgages are not tax deductible here like in the states.
Mortgages are not tax deductible in Canada unless you own the property and treat it as a business investment; declare the income from the rent and deduct the expenses like mortgage interest.